Sanders Morris Harris LLC acquired a new stake in General Electric (NYSE:GE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 414,553 shares of the conglomerate’s stock, valued at approximately $2,831,000. General Electric comprises about 1.4% of Sanders Morris Harris LLC’s portfolio, making the stock its 16th largest position.
Several other institutional investors and hedge funds have also recently bought and sold shares of GE. Envestnet Asset Management Inc. raised its position in General Electric by 25.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 412,862 shares of the conglomerate’s stock worth $4,608,000 after acquiring an additional 84,003 shares during the period. Panagora Asset Management Inc. raised its position in General Electric by 28.8% during the fourth quarter. Panagora Asset Management Inc. now owns 203,844 shares of the conglomerate’s stock worth $2,275,000 after acquiring an additional 45,599 shares during the period. Vestcor Investment Management Corp acquired a new position in General Electric during the fourth quarter worth $1,690,000. Prospera Financial Services Inc raised its position in General Electric by 13.3% during the fourth quarter. Prospera Financial Services Inc now owns 38,617 shares of the conglomerate’s stock worth $431,000 after acquiring an additional 4,536 shares during the period. Finally, AlphaCrest Capital Management LLC acquired a new position in General Electric during the fourth quarter worth $608,000. Hedge funds and other institutional investors own 62.04% of the company’s stock.
A number of equities research analysts have recently commented on GE shares. Deutsche Bank reduced their target price on shares of General Electric from $13.50 to $8.40 and set a “hold” rating for the company in a research report on Thursday, April 9th. Credit Suisse Group reduced their target price on shares of General Electric from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Bank of America reiterated a “buy” rating and issued a $11.00 target price on shares of General Electric in a research report on Monday, June 15th. Barclays reissued a “buy” rating and issued a $13.00 price objective on shares of General Electric in a report on Friday, March 13th. Finally, Citigroup reduced their price target on shares of General Electric from $11.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. General Electric currently has an average rating of “Hold” and an average target price of $9.17.
Shares of GE traded down $0.16 during trading on Thursday, reaching $6.70. The company’s stock had a trading volume of 863,750 shares, compared to its average volume of 86,453,048. The company has a fifty day moving average of $6.99 and a two-hundred day moving average of $8.86. General Electric has a twelve month low of $5.48 and a twelve month high of $13.26. The company has a market cap of $60.01 billion, a price-to-earnings ratio of -20.42, a P/E/G ratio of 36.42 and a beta of 0.95. The company has a quick ratio of 1.69, a current ratio of 1.91 and a debt-to-equity ratio of 1.80.
General Electric (NYSE:GE) last announced its earnings results on Wednesday, April 29th. The conglomerate reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.03). General Electric had a negative net margin of 2.39% and a positive return on equity of 13.66%. The business had revenue of $20.52 billion during the quarter, compared to analyst estimates of $20.34 billion. During the same period in the previous year, the company earned $0.12 earnings per share. The business’s revenue for the quarter was down 24.8% on a year-over-year basis. As a group, equities analysts forecast that General Electric will post 0.04 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 27th. Investors of record on Monday, June 29th will be given a $0.01 dividend. The ex-dividend date is Friday, June 26th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.60%. General Electric’s dividend payout ratio (DPR) is 6.15%.
General Electric Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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